Aquila Makes Strong Debut,
Prices Well Above Estimates

NEW YORK -- Breaking a three-week drought for new common-stock issues, shares of Aquila Inc. traded strongly higher in the company's market debut.

Aquila, an unregulated electricity and natural-gas wholesaler carved out of UtiliCorp United Inc., of Kansas City, Mo., ended its first day of trading at $27.85, well above the initial public offering price of $24 set Monday evening. Moreover, in the weeks leading up to the $420 million offering, the underwriters, led by Lehman Brothers Holdings Inc. and Merrill Lynch & Co.,...